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A good lobang: Singlife Account Review

An Insurance Savings Plan that offers 2.5% returns per annum (for your first $10,000) with No Lock-In or Fees


Source: Singlife website


[UPDATE 3 - 30th June 2021]


- Singlife will be adjusting their crediting rates on the Singlife Account from 1.5% to 1.0% per annum (p.a.) for the first S$10,000, and 1.0% to 0.5% per annum (p.a.) for the next S$90,000 with effect from 1st July 2021.

- The adjusted rate continues to come with no lock-ins or withdrawal fees.



[UPDATE 2 - 29th January 2021]


- Singlife will be adjusting their crediting rates again soon on the Singlife Account from 2.0% to 1.5% per annum (p.a.) for the first S$10,000 with effect from 29 January 2021.

- The adjusted rate continues to remain competitive with no lock-ins or withdrawal fees.


- There will be no change to the 1% p.a. return for the next S$90,000 in the Singlife Account.


- The “Save, Spend, Earn” campaign remains and will be extended till 30th June 2021. Customers who qualify stand to earn up to 2.0% p.a. for the first S$10,000.


- For more information on the “Save, Spend, Earn” campaign, please visit: www.singlife.com/manage/save-spend-earn-campaign/



[UPDATE - 31st October 2020]


- Singlife will be adjusting their crediting rates on the Singlife Account from 2.5% to 2% per annum (p.a.) for the first S$10,000 with effect from 1 November 2020.

- The adjusted rate continues to remain competitive with no lock-ins or withdrawal fees.


- There will be no change to the 1% p.a. return for the next S$90,000 in the Singlife Account.

- Singlife is also introducing the “Save, Spend, Earn” campaign so customers can still continue earning 2.5% p.a. for the first S$10,000.

- From 1 November 2020, customers who spend S$500 within their specified card spend period on the Singlife Visa Debit Card will qualify for a bonus 0.5% p.a. return on top of the new base return of 2% p.a. for the duration of one policy month.

- For more details on how the “Save, Spend, Earn” campaign works, please visit: www.singlife.com/manage/save-spend-earn-campaign/


[NOTE - This promotion will end on 1st November 2020, and users must order and activate their debit card it by 20 November 2020 to qualify for the $10 referral bonus.] If you haven’t signed up for the Singlife Account which gives a pretty 2.5% annual interest rate on your first $10,000, here is some money to nudge you into action. Get $10 when you sign up through my invitation link by 1st Nov 2020! (Access the link on your phone, and note that you have to also apply for and activate the free Singlife VISA debit card by 20th November 2020 in order to get the $10) - Disclaimer: I also get $10


As someone who is always on the lookout for a good lobang, you can imagine how thrilled I was when I stumbled upon the Singlife Account by Singapore Life, a.k.a Singlife.


Singlife, a direct life insurer fully licensed by the Monetary Authority of Singapore (MAS), is offering 2.5% annual interest rate for the first $10,000 deposited into its Singlife Account.


Having signed up for it a few days back already, here is my personal review of the Singlife Account thus far. I would also like to point out that this post is not sponsored or collaborated with anyone. Good lobangs must share! As simple as that.

2.5% INTEREST RATE PER ANNUM ON THE FIRST $10,000

No Fees. No lock-in period. Withdraw anytime. It's that good of a deal. Now you know why I was so excited to share about this! The first $10,000 in your Singlife Account earns a pretty 2.5% interest rate, the next $90,000 earns a 1% interest rate, and any amount beyond the first $100,000 earns you nothing. The interest is calculated daily and credited to your account on the beginning of each month, on a monthly basis.


Diagram 1: Interest rate per annum for different deposit amounts in Singlife Account



So here comes the catch - the returns are not guaranteed and Singlife has the absolute discretion to change it anytime. In addition, you would need to deposit an initial amount of $500 to start earning the 2.5% annual interest.


For the former, I feel that it is no biggie as the Singlife Account comes with no lock-in period, so if the interest rate does change in the future and is no longer attractive, I could simply move my deposits elsewhere with a click of a button (read on for more details how) and with no fees and penalties involved.


Note also that the Singlife Account only supports Singapore Dollars and that you are only allowed to open one Singlife Account. In addition, while there is no fall-below fee, all benefits will cease if your Singlife Account value falls below $100.



HOW TO DEPOSIT OR WITHDRAW FUNDS?


The deposit and withdrawal of funds from the Singlife account is via our local 'Fast And Secure Transfers' (FAST) electronic funds transfer method that most of us should be quite familiar with. This is also why I mentioned earlier that I could simply withdraw my deposits elsewhere with a click of a button (via the Singlife app).


With FAST, it is almost immediate to transfer funds between the Singlife Account and your personal bank account.

IS MY DEPOSIT SAFE?


The good news is that your deposits in the Singlife Account is protected up to specified limits by the Singapore Deposit Insurance Corporation (SDIC), since Singlife is a registered member of the Policy Owner’s Protection (PPF) Scheme. The PPF Scheme protects policy owners in the event a life or general insurer which is a PPF Scheme member fails.